Massachusetts Lottery

MALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Massachusetts, your state will take 5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Massachusetts Powerball Jackpot/Cash Option for Sat Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(5%)	$3,935,000
Net Lumpsum Payment	$45,685,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$128,686	$1,532,428
2	$2,702,484	-$960,249 -$135,124	$1,607,111
3	$2,837,574	-$1,010,233 -$141,879	$1,685,462
4	$2,979,504	-$1,062,747 -$148,975	$1,767,782
5	$3,128,445	-$1,117,855 -$156,422	$1,854,168
6	$3,284,910	-$1,175,747 -$164,246	$1,944,917
7	$3,449,070	-$1,236,486 -$172,454	$2,040,130
8	$3,621,609	-$1,300,326 -$181,080	$2,140,203
9	$3,802,698	-$1,367,329 -$190,135	$2,245,234
10	$3,992,850	-$1,437,685 -$199,643	$2,355,522
11	$4,192,407	-$1,511,521 -$209,620	$2,471,266
12	$4,402,053	-$1,589,090 -$220,103	$2,592,860
13	$4,622,130	-$1,670,518 -$231,107	$2,720,505
14	$4,853,322	-$1,756,060 -$242,666	$2,854,596
15	$5,095,971	-$1,845,840 -$254,799	$2,995,332
16	$5,350,761	-$1,940,112 -$267,538	$3,143,111
17	$5,618,205	-$2,039,066 -$280,910	$3,298,229
18	$5,899,158	-$2,143,019 -$294,958	$3,461,181
19	$6,194,133	-$2,252,160 -$309,707	$3,632,266
20	$6,503,814	-$2,366,742 -$325,191	$3,811,881
21	$6,829,056	-$2,487,081 -$341,453	$4,000,522
22	$7,170,543	-$2,613,431 -$358,527	$4,198,585
23	$7,528,959	-$2,746,045 -$376,448	$4,406,466
24	$7,905,501	-$2,885,366 -$395,275	$4,624,860
25	$8,300,682	-$3,031,583 -$415,034	$4,854,065
26	$8,715,870	-$3,185,202 -$435,794	$5,094,874
27	$9,151,578	-$3,346,414 -$457,579	$5,347,585
28	$9,609,174	-$3,515,725 -$480,459	$5,612,990
29	$10,089,684	-$3,693,513 -$504,484	$5,891,687
30	$10,594,134	-$3,880,160 -$529,707	$6,184,267